How future proofed are your payments?
By SmartDebit, August 2020
Bacs estimate that 10,000 organisations in the UK are still unable to sign up payers electronically. Technological challenges still exist – while the world has moved online, many organisations are still hamstrung by legacy technology and processes and could be losing out without even knowing it.
Since 2008, it has been mandatory that anyone gaining a license to collect Direct Debit payments must be able to do so electronically – this is known as AUDDIS. This means a significant number of not–for–profits could find themselves on the wrong side of success, despite a rich heritage and long-standing reputation.
Paper based operations are still prominent across financial services and hold their place. The familiarity of signing documentation or writing freehand in general is something that many still find to be more trustworthy, with less risk of interception and use in fraudulent activity. Cheques, whilst steadily waning in popularity over the last 10 years, are still popular within sub sets of some organisations’ user bases.
Offering support across multiple channels helps people feel more comfortable and gives a better user experience when things go wrong. The same can be said of payments. Offering multiple ways to pay helps to increase the number of payments made to an organisation and this approach is the same when considering donations and subscriptions. Whilst there are many ways to pay recurring bills, the most reliable is Direct Debit, which is why in the UK 9/10 of us hold at least 5 Direct Debits.
Many organisations have Direct Debit facilities which are outdated and unsupported, so they may not know that they can be optimised. In March 2017, we embarked on a project with the British Association for Counselling and Psychotherapy to review their membership payment collection process. At the time, their process was administration heavy and their membership team were collecting payments by cheque, credit card, over the phone, by postal form or Direct Debit by paper.
Join Kathryn Wroe, National Head of Sales, and Stewart Kitson, Head of Customer Services, on Wednesday, 9th September at 10.30 am as they share how we were able to help the British Association for Counselling and Psychotherapy grow their membership applications by 50% and save costs through process automation.